CIENA (CIEN) Gains Following Positive MKM Mid-Quarter Checks

October 6, 2016 10:44 AM EDT
Get Alerts CIEN Hot Sheet
Price: $23.95 +0.97%

Rating Summary:
    24 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
Trade CIEN Now!
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.

CIENA (NYSE: CIEN) is up 1.7% Thursday following positive mid-quarter checks from MKM Partners' Michael Genovese.

"Even though October, the most important month of the quarter and year, is still ahead, we are highly confident that 4QFY16 orders are strong," Genovese said.

They expect the company too slightly exceed MKM/consensus estimates (with a B-B above 1.0) and guide 1QFY17 well driven by a positive inflection in North American Tier 1 Metro orders and strength in Subsea, Asia-Pacific including India, direct Web-scale orders in the U.S. and indirect Web-scale demand via wholesale carriers in Europe.

In addition, GMs should not go below the 44.5+% level at any point, and the company should be well on its way to earning ~$2.00 per share in CY17.

The firm reiterated a Buy rating and price target of $28 on CIEN.

For an analyst ratings summary and ratings history on CIENA click here. For more ratings news on CIENA click here.

Shares of CIENA closed at $21.95 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View

Add Your Comment